5 Mistakes you do while buying a property

Are you geared up to search for a property in your town? Well! Buying a property is as an exciting work. Many of us get excited when we step out of the house for shopping. Similarly, shopping for a home is equally interesting (in fact, far more exciting) for the home buyers who explore the real estate market for their desired home, especially, the ones buying a home for the first time. But many of the first time buyers end up making mistakes while buying a property that affects their property buying decision adversely. Hence, before you begin to find your home, you must avoid the committing the following 5 mistakes as a first home buyer:

1. Lack of clarity of affordability: Budgeting your expenses on home buying is important that the majority of the people lack in. If you have not yet decided your budget, then calculate your monthly expenses such as the expenditure on your vehicle, student education loans, credit card payments, household expenses in groceries, health insurance, school fee, etc. Also. Include the major expenses that occur once in a few months or yearly such as insurance premiums. Now, deduct these expenses from your total take away salary and the end result will be the amount that you can plan to spend on your new home investment.

2. Unaccounted additional expenses: After you decide on to buying a home, followed by a home loan, and occupying your new house, you will surely have additional expenses that will be over your monthly payment of the loan. For example, you purchase one of the 2 bhk flats in Nashik, unlike when you were living in a rented home, now, you will be responsible to pay property taxes, getting home insurance done and the expenses for home maintenance will also add up to the monthly expenses.


3. Having a marginalized approach for home buying: As a first home buyer, acquiring more options for your requirements will widen the range of options and variety of property types that you can buy in the same budget. For example, the builders in Nashik have constructed a variety of residential projects that give the first home buyers multiple options to choose from within a similar price range.

4. Being Naïve: The first time buyers who have set a budget for a home should look for a home where they can add more value to. Having a home where you have a scope to customize as per the requirements and trends in the market whenever needed will help build equity over a period of time.

5. Compromising on unimportant aspects: You must be flexible with the features that you can avail in your new home and should know on which all aspects you can compromise if need be. Hence, prioritizing your requirements and amenities you need in your home are a must.

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About the Author

rahul

The author is a real estate professional and a writer by hobby who often writes about various trends in the real estate industry in India..